New Clause 2 - Effect of determination to wind up scheme on freezing order

Pensions Bill – in a Public Bill Committee on 27th April 2004.

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No. NC2, to move the following Clause:—

'(1) This section applies where—

(a) the Regulator determines to make an order under section 11 of the Pensions Act 1995 (c.26) (power to wind up occupational pension schemes) in relation to a scheme (''a winding up order''),

(b) that determination is made during the period for which a freezing order has effect in relation to the scheme,

(c) the case is not one to which the special procedure in section 72 applies (immediate exercise of powers where immediate risk to assets etc), and

(d) the winding up order accordingly cannot be made until the expiry of the period specified in section 70(4) (no exercise during period of referral to the Tribunal etc).

(2) In such a case the freezing order is to continue to have effect until—

(a) where the winding up order is made, it ceases to have effect under section 24 from the time when that order is made, or

(b) the determination to make the winding up order is revoked.

(3) Subsection (2) is subject to the Regulator's power under section 75 to revoke the freezing order at any time.'.—[Malcolm Wicks.]

Brought up, read the First and Second time, and added to the Bill.